Bitcoin is nearing $10,000 for the first time in 2 weeks

Other cryptocurrencies are also up on Thursday morning, as the crypto sector recovers from a slump in early February.

LONDON — Bitcoin is climbing on Thursday morning and closing in on $10,000 per coin for the first time in just over two weeks.

Bitcoin is up 3.6% against the dollar to $9,825.91 at 7.55 a.m. GMT (2.55 a.m. ET). As the chart at the top shows, bitcoin slumped at the start of February but has been picking up again over the last week or so. It still remains far off its all-time highs of over $19,000 reached just before Christmas.

The London Block Exchange, a startup building a UK-based crypto exchange, writes in its Thursday market update: "Tomorrow is the first day of the Lunar New Year and some families are replacing their red envelopes of cash for bitcoin gifts.

"In each of the past three years, the crypto markets have experienced corrections three weeks before this important day."